The dust has barely settled on the midterm elections, but there are a number of key fiscal issues not only facing the current Congress in coming weeks, but also awaiting the new Congress, which will convene in early 2019.

Budget reform. The Joint Select Committee on Budget and Appropriations Process Reform must present recommendations by November 30, but there is no requirement that the Congress vote on them before adjourning. Although there is broad agreement on the need for budget reform, recent reports indicate that the committee has scaled back its recommendations, perhaps only proposing a shift to biennial budgeting.

Tax Cuts 2.0. Back in September, the House passed another round of tax cuts, including a provision that would make permanent the reductions for individual taxpayers in the Tax Cuts and Jobs Act. The House proposal would further increase the deficit since the provisions would not be offset; however, it looks unlikely that the Senate will act on the legislation during the lame-duck session. In addition, certain “tax extenders” expired at the end of December 2017 and may be considered for renewal before the end of this year.

The incoming 116th Congress will also face pressing fiscal issues, and may choose to address other policy areas:

Infrastructure needs. Both Republicans and Democrats have expressed an interest in dealing with the nation’s deteriorating roads, bridges, water systems, and other infrastructure needs. The President’s fiscal year 2019 budget addressed this issue, but it hasn’t yet progressed in the Congress.

Prescription Drug Costs. Spending on prescription drugs is one of the fastest growing components of healthcare costs — since 1980, such costs have doubled as a share of total healthcare spending. The next Congress has the opportunity to tackle this rapidly growing component of healthcare costs, both for Medicare as well as for the sector as a whole.